Airdrop Army

Another wild move on the ETF board, and this time it’s 21shares throwing XRP into the SEC’s court with a pitch for the “21shares Core XRP Trust.” Yep, October brings yet another play for an XRP fund that, if greenlit, would hold no tokens—just track ‘em like it’s keeping score.

21shares’ Core XRP Trust Seeks a Home on Cboe BZX Exchange

So here’s the gist: 21shares lobbed an official ask with the SEC Friday for this “Core XRP Trust,” an exchange-traded outfit planned for the Cboe BZX Exchange. Coinbase Custody Trust Company’s guarding the stash, securing XRP in trusty vaults while keeping hands off direct holdings. Only “authorized participants” will get a taste here, with exclusive rights to shuffle shares and handle cash. Think of it like passive exposure for folks who wanna be in but keep it distant.

They’re making it “passive”—like they’re saying, no fancy business to juice returns. This one’s about mirroring XRP’s daily prices without anyone touching tokens themselves. “The trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of XRP,” they clarify. And tagged as an “emerging growth company” under the JOBS Act, 21shares is looking to side-step hefty reporting and make the ETF process simpler.

XRP ETFs in the SEC Pipeline, One After Another

Not only 21shares—it’s gettin’ crowded here. Bitwise Asset Management tossed its hat in too, back on October 2. Their CEO, Hunter Horsley, went bold, labeling XRP “one of the most enduring, well-known assets in the space,” pitching it right to mainstream investors. And let’s not forget Canary Capital Group LLC, which waded in last month with a setup offering indirect XRP access via traditional brokers.

Ripple’s head honcho, Brad Garlinghouse, sounded hopeful for SEC approval, hinting that 2024 could bring big news. He said SEC’s court troubles might just nudge ‘em to say yes next year. But, while hopeful eyes are on the future, that ol’ Ripple-SEC clash over XRP’s status keeps churning in the background.